OROCO CLOSES FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
March 25 2022 - 12:04PM
Oroco Resource Corp. (
TSX-V: OCO, OTC: ORRCF)
(“
Oroco” or “
the Company”) is
pleased to announce that it has closed the second and final tranche
of the previously announced non-brokered private placement, issuing
an additional 2,653,811 units at a price of $1.70 per unit, for
gross proceeds of $4,511,478.70. Each unit consists of one
common share and one common share purchase warrant. Each
whole share purchase warrant will be exercisable into one
additional common share for a period of 24 months from closing at a
price of $2.40 per share. Together with the first tranche,
the Company has issued an aggregate of 10,708,696 units for gross
proceeds of $18,204,783 (the “
Financing”).
The proceeds of the Financing will be used, for the continued
exploration of the Company’s Santo Tomas Project, provision of a
reserve for acquisitions and for general working capital
purposes.
Pursuant to the policies of the TSX Venture (the
“Exchange”), all shares issued in this second
tranche, and any shares issued pursuant to the exercise of the
warrants, are subject to a hold period expiring July 26, 2022.
In connection with the second tranche, finder’s fees of $182,000
cash and 25,000 common shares of the Company are being paid to Red
Cloud Securities Inc. and Vertigo Partners Ltd.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9
ha Core Concessions of the Santo Tomas Project in NW Mexico and may
increase that majority interest up to an 85.5% interest with a
project investment of up to CAD$30 million. The Company also
holds a 77.5% interest in 7,807.9 ha of mineral concessions
surrounding and adjacent to the Core Concessions (for a total
project area of 22,192 acres). The Project is situated within
the Santo Tomas District, which extends from Santo Tomas up to the
Jinchuan Group’s Bahuerachi project, approximately 14 km to the
north-east. Santo Tomas hosts a significant copper porphyry
deposit defined by prior exploration spanning the period from 1968
to 1994. During that time, the property was tested by over 100
diamond and reverse circulation drill holes, totaling approximately
30,000 meters. Based on data generated by these drill programs, a
historical Prefeasibility Study was completed by Bateman
Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km of the Pacific
deep-water port at Topolobampo and is serviced via highway and
proximal rail (and parallel corridors of trunk grid power lines and
natural gas) through the city of Los Mochis to the northern city of
Choix. The property is reached by a 32 km access road originally
built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Cautionary Note Regarding Forward Looking
Information
This news release includes certain “forward-looking
information” and “forward-looking statements” (collectively
“forward-looking statements”) within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact included herein, including without
limitation, statements relating to future events or achievements of
the Company, are forward-looking statements. There can be no
assurance that such forward-looking statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated or implied in such statements.
Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different
from the results, performance or achievements that are or may be
expressed or implied by such forward-looking statements.
Readers should not place undue reliance on the
forward-looking statements and information contained in this news
release concerning these matters. Oroco does not assume any
obligation to update the forward-looking statements should they
change, except as required by law.
Craig Dalziel, CEO
Oroco Resource Corp.
(604) 688-6200
info@orocoresourcecorp.com
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